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Team Aldrich
(877) 644-SELL (7355)
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El Dorado County Approves Prop 90 and 110 Property Tax Relief!
El Dorado County recently voted to become the only rural county to be a recipient under Prop 90 and 110 provisions. Proposition 90 is a constitutional amendment designed to help homeowners over the age of 55 be able to afford to move to a different home in a different county and not suffer an increase in their property tax base. Proposition 110 is a companion to Prop 90 with the same provisions, but is designed for those who are under 55 and disabled.
Why is this important to you?
El Dorado County is currently the only rural recipient county to have passed Prop 90. The rural real estate market generally offers more value per dollar than larger metropolitan areas. This allows qualified sellers to move down in price while likely increasing their standard of living and maintaining their original Prop 13 tax protections.
Where is El Dorado County?
El Dorado County stretches from Sacramento County to the Nevada border in South Lake Tahoe and includes everything from the mansions in El Dorado Hills and on the shoreline of Tahoe to vineyards, farms and small residential developments.
What are some of the rules?
It is important for prospective buyers to understand that there are specific timelines and regulations that apply.
- As of the date of transfer of the original property, the claimant or claimant’s spouse must be 55 or older or severely and permanently disabled.
- The replacement dwelling must be purchased within 2 years of the sale of the original property.
- The replacement and original property need to qualify as your principal residence
- Generally the replacement property should be equal to or less than the original property, but there are some additional provisions.
For more detailed information, visit the links below.
El Dorado County Assessors Press Release
State Board of Equalization Q and A
Prop 90 Application
It is important to work with a Realtor who not only understands Prop 90, but has expert knowledge in Real Estate sales within the county. With over 60 years of combined, local Real Estate experience, Team Aldrich is a proven leader and will offer you the highest in service and knowledge.
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